The Federal Tax Credits Blog

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Broomfield Enterprise upcoming events — July 10

Upcoming events in and around Broomfield

200 W Bozeman

Budget fires consume Wilmington, many other cities

From fire trucks to potholes, needs outrunning resources in American cities.

Led shirts, Headphones

Question: $8000 home buyer tax credit?

I am looking to buy the first house in Mar 2010. I have just come USA for 3 month and had green card.
Do I get back $ 8000 from government?

Answer: It is up to $8000.00.Depends on the price of the house.Yes you you should be able to get the first time home buyer credit as long as you do it before april of this year.

Tea Party network emerges as counterbalance to state-level green pressure groups

Across the country, private citizens and business owners are joining forces with Tea Party activists to push back against well-funded green pressure groups that work with government officials. Over the past few decades, the environmental movement has worked to undermine property rights, block entrepreneurial activity and expand regulatory control without a serious, concerted response, according …

Ways and Means Hearing on Green Jobs Economy – Pickens Opening

Question: share tax refund with boyfriend?

my boyfriend and i have lived together for 3 years. we’re both 26. we had a child in 2010. i worked the entire year in 2010 and i was pregnant from january through september. my bf got very little unemployment from january thru june and then got a job.
my question is, when i get the earned income credit, child tax credit and working family credit back on my return, do i split the refund down the middle with him? We both do support the household but I made a lot more money than him last year so I’m filing head of household. he owes back child support for anothe child he has and any return he would get would be eating up, so im claiming our child instead of him. I want to be fair, but i dont want to be stupid. advice please
he didnt know he had a child until recently and he just got custody of her. he’s not a deadbeat

Answer: You have no obligation to give him ANY of the money you get refunded to you. Any money you give him is out of the kindness of your heart.

Key federal election campaign promises so far from the federal parties

Major promises made to date Conservatives • Allowing families with children under 18 to split up to $50,000 in income to pay less tax, but only once the federal books are balanced. . • A one-year small-business tax credit of up to $1,000 when…

Taxation (Income-Sharing Tax Credit) Bill – First Reading – Part 1

Question: Existing homebuyers tax credit?

We sold a home we lived in for the past 5+ years. The closing on that home was the first week of October. We are now in the process of buying a home….we put the offer in back in September but it is in short sale and we are still waiting to get an accepted offer from the bank. Will we qualify for the existing home-Buyers Tax Credit that Pres. Obama signed into law on November 6th? I can’t find any information about dates for buying and selling that apply to this credit. Also, is the credit in the form of a rebate check or is it an actual credit on our taxes?
Thanks for any usable information!

Answer: Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

Also, since you lived in your previous home for at least five of the past eight years, you meet that qualification.

Provided the date on your contract to purchase is on or after November 6, 2009, and you meet the income and all other qualifications, you should qualify for the $6,500 tax credit.

It is a credit against any tax you owe. Let’s say after doing your taxes, you owe the IRS $1,000. After your homebuyers tax credit, you would get a refund of $5,500.

Or, let’s say you did your taxes and you are expecting of refund of $1,000. After your homebuyers tax credit, you would get a refund of $7,500.

Travel bug, hospital ache

People next door and those not so near have some common concerns. The Telegraph tracks their before-and-after budget thoughts What are your expectations for yourself from the budget?

President Obama Signs Tax Cuts and Unemployment Insurance Legislation